If you find yourself in a position where renting a home or apartment is your best option, you should still consider taking out an insurance policy to protect yourself. The reason is that the person you’re renting from most likely has homeowners insurance, which protects the building, but it doesn’t provide coverage for your personal belongings. Following are a few tips on how to get a renters insurance policy.

Protect Your Personal Property

One of the first things you should think about when renting a home is the value of your personal property. In the event of a catastrophe the place where you’re living will be protected by their homeowners insurance, but your personal things won’t. If they are destroyed, you would have no recourse--the owner wouldn’t be responsible for your loss. So, you should consider buying a renters insurance policy. Sit down at your computer and make a list of everything you own, and its approximate value. Add it all together and you will know how much coverage you will need.

Shop for the Best Deal

After you’ve determined the amount of coverage you’ll need, it’s time to start looking for a carrier. Go on the Internet and get some quotes from online insurance companies. Follow the instructions on their websites by filling in the forms in order to get a quote, which can be used for comparison when you begin calling brick and mortar insurance agencies. After you’ve collected a number of quotes, take them to your present insurer and ask them if they can match the price. If you’ve been with them for a while, they’ll more than likely give you a good deal because they want to keep your business. They may also give you a discount for your loyalty, and if you have other policies with them, such as auto or health insurance, bundling the policies together can save you money.

What Is Covered

Once you’ve settled on an agent, they’ll want to know exactly what will be covered in the policy. A renters insurance policy can cover virtually anything you own, so you’ll have to decide what to include, and what to leave out--some things may not be worth paying insurance for because they’re either old and worn out, or invaluable in the first place.

Take a High Deductible

If you’re trying to save a little money on your renters insurance, you can opt for a high deductible policy. Insurance companies always lower your premiums if you take a high deductible. If you do decide to go this way, be sure you’ll be able to pay the deductible quickly, because insurance companies won’t release a check to you until the deductible is paid. A good way to ensure you’ll have the money available is to open a savings account designated for emergency use only. If you deposit money into the account regularly, you’ll be assured of being able to pay the deductible--and collect interest in the meantime.

Get a Replacement Value Policy

When you take out a renter’s insurance policy, you’ll want to make sure it covers the actual replacement value of your property. If you don’t get replacement coverage, you’ll only receive what your property is deemed to be worth on the open market by the insurance company. You’ll pay a little more for this protection, but if something happens you’ll be glad you have it.

Safety Features Reduce Premiums

If you improve the safety of the place you’re staying, you will qualify for lower premiums. Even if the owner doesn’t want to invest in safety features, you could install deadbolt locks and shutters on the windows, which will improve the home’s safety and lower your insurance rates.

Ask About Group Rates

When you talk to the insurance agent, make sure you ask them for any additional discounts, such as a price break for group rates. Find out which groups are eligible for the discounts, and what you would need to do in order to qualify for them. If you don’t already belong to an eligible group, you may want to consider joining one so you can receive the lower rates.

Guest post from Chris Black. Chris writes for RentersInsurance.com.